Renewed fighting between US and Iran has slowed shipping through the Gulf of Hormuz, disrupting supply routes. Benchmark crude prices have climbed sharply from pre-conflict levels, reflecting heightened geopolitical risk. The upward price pressure is likely to continue while tensions persist.
Intensified US-Iran military actions disrupt oil shipments through the Strait of Hormuz, causing a sharp spike in crude oil prices. The price jump leads to severe depreciation of the Indian rupee, raising import costs and inflationary concerns.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Naphtha | China | FOB | USD 678.00/MT | June 2026 |
| Naphtha | India | FOB | USD 620.54/MT | June 2026 |
| Naphtha | USA | FOB | USD 814.88/MT | June 2026 |
| Naphtha | Germany | CIF | USD 685.77/MT | June 2026 |
| Naphtha | South Korea | FOB | USD 712.61/MT | June 2026 |
| Naphtha | China | FOB | USD 1,100.76/MT | May 2026 |
| Naphtha | India | FOB | USD 1,168.10/MT | May 2026 |
| Naphtha | USA | FOB | USD 835.00/MT | May 2026 |
| Naphtha | Germany | CIF | USD 790.00/MT | May 2026 |
| Naphtha | South Korea | FOB | USD 1,100.76/MT | May 2026 |
Stay updated with the latest Naphtha prices, historical data, and tailored regional analysis
Asia
Naphtha prices in China declined to ~RMB 7.90/kg in April and ~RMB 7.45/kg in May, showing a ~5.8% decrease. The market initially strengthened due to crude supply disruptions, higher freight costs and restricted refinery availability. However, prices weakened as crude values declined, petrochemical margins deteriorated and cracker operators reduced purchasing. Regional naphtha prices reached elevated levels in early April but declined significantly later as supply conditions improved and demand from steam crackers weakened. The ethylene-naphtha spread turned negative, reducing incentives for petrochemical producers to operate at higher rates. China followed the broader Asian trend, with weaker plastics and chemical demand, lower crude costs and reduced cracker profitability pressuring naphtha values through the quarter.
Europe
European markets were firm early in Q2 due to higher crude costs, restricted refinery feedstock availability and trade disruptions. However, prices softened later as crude values declined and petrochemical producers reduced feedstock requirements. Gasoline blending demand provided temporary support as stronger gasoline margins encouraged refiners to direct suitable streams toward fuel markets. Weak steam-cracker economics and lower olefin demand limited sustained support for chemical-grade naphtha. The market shifted from cost-driven firmness in April toward softer conditions by June.
North America
Naphtha prices in the United States declined to ~USD 883.58/MT in April and ~USD 835.00/MT in the subsequent month, showing a ~5.5% decrease. The market experienced early-quarter pressure from global crude disruptions and reduced naphtha availability, but conditions improved as refinery activity increased and crude prices declined. Higher refinery utilisation later in the quarter improved the availability of light hydrocarbon streams, reducing supply concerns. Strong seasonal gasoline demand supported blendstock values, but increased refinery output limited further price strength. Petrochemical demand remained moderate as manufacturers faced weaker margins and cautious purchasing.
Analyst Insight
According to Procurement Resource, naphtha prices are expected to remain influenced by crude oil movements, refinery operating rates and petrochemical cracker demand, with weaker margins limiting significant recovery.
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Asia
In Asia, naphtha prices were fluctuating in Q1 2026, with softer sentiment in early January and a strong rise by March. At the start of the quarter, weaker ethylene margins reduced buying interest from crackers and limited spot support. This kept demand restrained in both China and India despite routine petrochemical consumption. The trend shifted sharply later as the Iran war disrupted regional energy flows and the Strait of Hormuz blockage tightened supply visibility, raised freight and replacement costs, and strengthened crude-linked sentiment. By March, improved ethylene-naphtha economics supported better downstream appetite, allowing the market to turn decisively firmer. India broadly followed the same direction as China, with import dependence making the market more sensitive to freight risk and disrupted cargo movement.
Europe
In Europe, naphtha prices were oscillating in Q1 2026, but the quarter ended with a clear upward bias. Early demand remained limited because derivative sectors were weak and petrochemical margins were under pressure. The Iran war then changed the cost structure across the region by pushing up energy and shipping expenses. Since Europe is highly exposed to imported energy and feedstocks, the Strait of Hormuz disruption intensified supply concerns and lifted naphtha sentiment even though downstream demand recovery remained only moderate.
North America
In North America, naphtha prices were wavering in Q1 2026. Domestic conditions were more balanced than in Asia, but the market still strengthened later in the quarter as global crude-linked cost pressure intensified. The Iran war and the disruption to the Strait of Hormuz tightened overall energy-market sentiment, which supported refinery-linked feedstock values. Downstream demand remained moderate, but firmer petrochemical economics late in the quarter helped prevent weakness.
Naphtha is a type of gasoline or raw petrol derived from raw materials and crude oil for use in the chemical industry. It a is a highly versatile hydrocarbon compound that is highly flammable, colourless, and highly volatile. It is made by distilling organic substances such as wood, coal tar, petroleum, and shale. Depending on its source or composition, naphtha is known by various names such as coal tar naphtha, wood naphtha, petroleum spirits, shellite, and white gas.
Petrochemicals, Agriculture, Paints and coatings, Aerospace
Petroleum Naphtha, Petroleum Ether
China Petrochemical Corporation, Reliance Industries Limited, Shell Chemicals, Exxon Mobil Corporation, Indian Oil Corporation Limited, Novatek, SABIC
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Naphtha is produced in petroleum refineries as one of the intermediate products of crude oil distillation.
Our Price Analysis Methodology
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The Study Offers a Detailed Cost Analysis of Naphtha Production From The Fractional Distillation Of Crude Oil. In Addition, the Report Incorporates the Manufacturing Process With Detailed Process and Material Flow, Operating Costs Along With Financial Expenses and Depreciation Charges.
Naphthalene Manufacturing Plant Project Report thoroughly focuses on every detail that encompasses the cost of manufacturing. Our extensive cost model meticulously covers breaking down expenses around raw materials, labour, technology, and manufacturing expenses. This enables precise cost structure optimization and helps in identifying effective strategies to reduce the overall cash cost of manufacturing.
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